DTZ has been appointed by Argo Real Estate to handle the property management of Shopping City Suceava and Shopping City Sibiu. By winning these two major retail schemes, DTZ has tripled the size of their property management portfolio, only four months after the restructuring of the department.

“The restructuring of our Property Management department has already shown results by successfully securing two major retail instructions. We have worked hard on building a team that can provide a level of service, truly in line with professional commercial property management in more developed markets. A management approach which is well planned and implemented can retain crucial value through a downturn and establish a basis on which to build on, adding maximum value as the markets return. Our PM Service line offered to Argo Real Estate Opportunities Fund compliments the successful cooperation we have enjoyed with them in the retail agency and consultancy services in the past,” commented Tim Wilkinson, Joint Managing Director, DTZ Echinox

Shopping City Sibiu is a 79,130 sqm GLA retail park. The shopping centre, which opened in November 2006 and was further extended in 2007, is anchored by leading international retailers including Real Hypermarket (owned by Metro AG), Carrefour, Baumaxx DIY, Media Galaxy, the electronics superstore, along with a wide range of specialty retail tenants such as Benetton, Lee Cooper, Adidas, Levi's and Kenvelo for the park's shopping mall, Promenada. Argo's has also constructed a 4,000 sqm extension to the property; anchor tenanted by leading international sporting goods New Yorker, Deichmann and Hervis.

Shopping City Suceava is a 48,000 sqm of GLA shopping centre, the largest in the region. It is anchored by leading international retailers including a Carrefour hypermarket and a Mobexpert furniture superstore, the region's dominant large format furniture retailer. The shopping centre also features a Media Galaxy electronics superstore, Austria's Baumaxx DIY and includes a 12,000 sqm retail gallery with over 100 stores, including a full range of men and woman's fashion, sporting goods, services and restaurants.

The Property Management Department of DTZ Echinox also manages Iris Shopping Center, 48,000 sqm, property of Aberdeen Immobilien, Macromall Brasov, 11,000 sqm, property of Carpathian Asset Management, as well as two office buildings – EvoCenter One, 3,500 sqm and Baneasa Business Center, 10,379 sqm, part of the Black Sea Global Properties portfolio.

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